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A study co-authored by Amsterdam Business School professor Paul Smeets shows that involving pension fund members directly in investment decisions can increase support and legitimacy for sustainable policies.

The research was recently featured in a Financial Times article on investor assemblies and impact investment.

In collaboration with Pensioenfonds Detailhandel (a Dutch retail sector pension fund), researchers organised a randomly selected, representative assembly of members to discuss impact investing. After informed deliberation, participants supported expanding the fund’s allocation. A subsequent vote among a large sample of beneficiaries confirmed this preference, with a majority opting to increase impact investments to 2–5% of the portfolio. The findings highlight how structured member participation can contribute to more broadly supported financial decision-making.